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Freddie Mac taps JP Morgan veteran as new chief

Freddie Mac is expected to announce the hiring of financial-services veteran Donald Layton as its next chief executive as soon as Thursday, sources said, ending a six-month search for the mortgage giant's third CEO in the four years since the US government took control of it.

Layton, a 29-year veteran of JP Morgan Chase, from which he retired in 2004, also served as CEO of online brokerage E*Trade Financial for two years, stepping down at the end of 2009.

At Freddie Mac, he will replace the outgoing Charles E. Haldeman Jr. Layton’s appointment is subject to approval by the Federal Housing Finance Agency and by the US Treasury.